Reference no: EM132615338
On October 1, 20x1, the warehouse of ABC co. and all inventories contained therein were damaged by flood. Off-site backup of database shows the following information:
Inventory, Jan 1 = 10,000
Account Payable, Jan 1 = 3,000
Accounts payable, sept 30. = 2,000
Payments to suppliers = 50,000
Freight in= 500
Purchase Returns = 500
Sales from January to Sept. = 80,000
Sales Returns = 5,000
Sales Discounts = 2,000
Gross Profit based on Sales 30%
Additional information:
Goods in transit as of October 1,20x1 amounted to 1,000
Cost of goods out on consignment is 1,200
Materials damaged by flood can be sold at salvage value of 1,800.
Problem 1: How much is the inventory loss due to the flood?
A. 4,400
B. 2,500
C. Answer not given
D. 4,900
E. 3,000
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